Prosafe SE: Prosafe completes reorganisation and strengthens the management team

9 februari 2017

Prosafe is pleased to announce certain changes to its management team. Mr. Jesper Kragh Andresen was today appointed as Chief Executive Officer (CEO) and Mr. Stig H. Christiansen as Deputy CEO and Chief Financial Officer (CFO) of Prosafe Management AS. Ms. Georgina Georgiou will continue as General Manager of the parent company Prosafe SE.

From 2012 and until recently, Mr. Andresen was CEO in Axis Offshore. Prior to this he was President of Lauritzen Offshore and Managing Director of J. Lauritzen Singapore. Mr. Andresen holds an Executive MBA from INSEAD, France/Singapore, and a Masters degree in law from University of Copenhagen.

Mr. Christiansen joined the company as CFO in August 2015 and has been Acting CEO since April 2016. Prior to this he was CEO in add energy group since 2008. Mr. Christiansen holds an MBA from Aalborg in Denmark, and a BCom from University of Birmingham, England.

"The company has been through a fundamental financial restructuring and has implemented substantial efficiency measures and cost reductions during the past year. Further cost measures are being implemented during 2017. Prosafe will now focus even more toward the external market and on improving the supply side of the industry" says Mr. Glen Rødland, Chairman of Prosafe SE.

"The Board is very pleased with the work and the results delivered by Stig Christiansen to Prosafe during the restructuring/transition last year. The strengthening of the management team and the employment of Jesper Kragh Andresen as CEO in Prosafe SE is the next step in preparing for the next phase in reaching Prosafe's goal to regain profitability, add shareholder value and to be a leading player in the offshore accommodation industry. The new management structure with Jesper and Stig sharing responsibilities and reporting to the Board will create a complementary team with increased capacity to enable the company to best achieve the Board's ambitious plans for the next years. The new management team balances both continuity and renewal" says Mr. Rødland.

The new organisation will be effective 1 March 2017.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to
www.prosafe.com